Part 3: Chapter 14, Sovereign Privileges Summary and Analysis

Milken didn't want any fancy titles at Milken and he didn't want his picture in the annual report. He was not interested in the running of the firm. The trading floor was his office and his base of power and its location in California put quite a bit of distance between Milken and the powers that be at Drexel in New York. There was some tension between the East and West Coast operations due to the amount of money made by the junk-bond unit. "Much of the wealth that was being amassed in Beverly Hills, of course, came through Milken's investment partnerships, and while he had allowed some members of the corporate-finance department to participate in several of them, the overwhelming majority of these partnerships were for him, his brother and his group (and at...